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Iron Ore Seen Slumping to $75 by CLSA as Global Glut Widens



Iron ore will drop to $75 a metric ton in the second half of next year as rising low-cost supplies from Australia and Brazil worsen a global glut and the slowdown in China’s property market curbs demand growth, said CLSA Ltd.








Paragon Shipping Inc., a global shipping transportation company specializing in drybulk cargoes, announced its results for the second quarter and six months ended June 30, 2014. Commenting on the results, Michael Bodouroglou, Chairman and Chief Executive Officer of Paragon Shipping, stated, “For the second quarter of 2014, the drybulk market, and more specifically the market for Panamax vessels, was weaker than expected..."

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In a client briefing Pareto Securities stamped Greek bulker operator Diana Shipping's New York-quoted stock with a “buy” rating and set a price target of $13.00. “With its strong balance sheet and high contract coverage, Diana is a more defensive bet on a broad dry bulk recovery,” it said.
Capital Product Partners announced that it plans to offer 15,000,000 common units representing limited partnership interests in a public offering. The Partnership expects to grant the underwriters a 30 - day option to purchase an additional 2,250,000 common units to cover overallotments, if any.

The Emirates Classification (Tasneef) has signed a partnership agreement with Dubai Drydocks World to start regulating merchant vessels - the first service of its kind in the Arabian peninsular, the Emirates news agency Wam reported.
Halliburton Co.’s agreement to pay $1.1 billion to settle most of the lawsuits over its role in the biggest U.S. offshore oil spill helps it avoid billions more in potential penalties down the road.
Australia will abandon plans to dump 3 million cubic metres of dredged sand into the Great Barrier Reef area in its effort to create the world’s biggest coal port, the Australian Financial Review reported on Tuesday.

The Board of Independent Tankers announces a net loss of $4.7 million, equivalent to a loss per share of $0.06, for the second quarter of 2014 compared with a loss of $18.5 million, equivalent to a loss per share of $0.25, for the preceding quarter.
An Extraordinary General Shareholders’ Meeting of Attica Holdings S.A. took place Tuesday September 2nd 2014. Shareholders of 171,335,620 shares or 89.40% of the totality of registered shares were present at the meeting.
Anek Lines has posted a sharp rise in its second quarter deficit due to reduced traffic volumes.  Quarterly loss was EUR 8.8m ($11.5m), more than last year’s EUR 7.3m. Revenue fell from EUR 42.9m to EUR 40m.
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